IMF wins new powers to police global economy

[lovuian]

http://feeds.bignewsnetwork.com/redir.php?jid=85692e23a63e46ab&cat=c08dd24cec417021

WASHINGTON (Reuters) - The International Monetary Fund won new powers to police the world economy after its 184 member countries endorsed a new framework to monitor how the economic policies of one country affects others.

The countries, represented by finance ministers or central bank governors, also agreed that some emerging economies needed more say in IMF decision-making that could lead to a proposal for ad hoc increases in their voting shares by the next IMF gathering in September.

"We resolve to make the IMF more fit for purpose in a global economy and more able to address challenges that are quite different from those of 1945, when the IMF was created," Britain's finance minister, Gordon Brown, who also chairs the IMF's policy-setting committee, told a news conference.


"The IMF should be more able to address global questions with multilateral surveillance," Brown said.

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I'm not sure I want the IMF able to police America??? this is BS!!!

[fujiyama]

1. I get the impression

the world is bending over for China.

[PittPoliSci]

2. perhaps for now...

i'm willing to bet within the next 20 years, china could be bending over the world with it's economy.

[1932]

3. I am so glad that Gordon Brown chairs the IMF's policy-setting committee.